Posted by Ben T on November 05, 2009 at 20:45:04:
In Reply to: buyer backs out posted by Charles in MD on November 03, 2009 at 01:05:24:
I doubt if you're going to see many appraisers these days overvaluing
properties. In fact, I'd say the opposite might be true. Yes, they did
overvalue at one point, but that has ended in my opinion in the
downmarket.Really though, I'd have to question why this deal took 5 months, why
you allowed it to go that long. It looks to me like you were out of
control. In the end, your lack of control probably cost you the deal.
People can get cold feet in a few days, let alone 5 months. When I sell
I have a fixed period where the buyer has to get loan approval, another
fixed period for closing, etc etc. My typical period for get loan
approval is not going to exceed 10 days, and if there is no broker
involved, I'm going to be helping the guy get a loan. Frankly, if he
wanted to put 40% down, I could have gotten him a loan at any of a
number of smaller banks in the area, assuming his income and credit
were not problems.So maybe the thing to analyze here is what you did that cost you this
deal, versus the questions you are now asking about the appaisers and
the buyer.Ben T